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Mid-Day Gold & Silver Market Report – 6/29/2011

BAILOUT SET FOR GREECE, IS U.S. NEXT?

Greek Prime Minister George Papandreou was able to garner enough votes to pass the first part of the austerity plan for bailout by the EU. The vote means that the implantation, which is the second measure, should pass without issue. The margin of voting was actually quite a bit larger than the confidence vote that took place recently. The measure is not popular with the Greek people. Dennis Gartman, hedge fund manager and The Gartman Letter author, says, “If prevailing is to be considered a success, then the Greek Parliament will prevail and will send tax receipts through the floor rather than skyward, and will prevail in spinning an already dizzy national spirit into a national spirit of economic despair.” The cuts the Greek people will experience over the coming years are quite pricey to the people.

The U.S. is also facing its own issues. The August 2 deadline for a debt ceiling raise is fast approaching. President Obama came out today in support of job-creation measures. The issue at hand is if the measures pass, there would be more borrowing during a time when the country is looking to cut into the debt. The IMF has even come out saying if a quick resolution is not agreed to, a severe shock should be expected during this still fragile recovery.

At 12:06 PM (CDT) the APMEX precious metals spot prices were:

  • Gold – $1508.90 (up $8.20)
  • Silver – $34.76 (up $1.04)
  • Platinum – $1,724.30 (up $31.60)
  • Palladium - $753.00 (up $15.80)

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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